NGC Newsletter: August 2006

Rare Huntoon Collection, PMG-Certified Notes Featured in
First Teletrade® Currency Auction

Teletrade® is set to launch its inaugural currency auction with two
dozen ultra-rare bank notes from the Huntoon Collection.

Read this article...

From the Grading Room: 1922 Saint-Gaudens Double Eagle
MS-62 PL

A look at the first Saint-Gaudens Double Eagle ever to be certified as
MS PL.

Read this article...

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1971 Proof Sets: A Treasure Trove for Collectors and Cherry
Pickers Alike

Jay Turner talks about the buried treasures in a common six-dollar
proof set, and how to find them.

Read this article...

Some Thoughts On Standing Liberty Quarter Dollars

David Lange discusses the quirks, rewards and rarities of collecting
the under-appreciated Standing Liberty Quarter series.

Read this article...

ANA Offers Awesome Potential

By NumisMedia

Find out how the summer doldrums have affected the collecting
market, and how this year's World's Fair of Money Convention is
poised to turn things around.

Read this article...

NGC Grading On-site at Long Beach

NGC will be offering on-site grading at Long Beach, September 13-14.
Read this article...

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ANA Honors Mark Salzberg as
2006 Numismatist of the Year

Posted on 8/1/2006

NGC's very own Mark Salzberg earns accolades from the ANA.

The American Numismatic Association confers its
"Numismatist of the Year" Award in recognition of
overall devotion and dedication to the ANA and
numismatics. This year's recipient is the Chairman
of Numismatic Guaranty Corporation (NGC) and
Numismatic Conservation Services (NCS), Mark
Salzberg.

Read more of the full announcement.

Mark Salzberg, center, holds the 2006
Numismatist of the Year trophy, while flanked
by William H. Horton Jr., ANA President, at
right, and Barry Stuppler, ANA Vice
President, at left. Photo NGC
Click to enlarge

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Rare Huntoon Collection, PMG-
Certified Notes Featured in First
Teletrade® Currency Auction

Posted on 8/1/2006

Teletrade® is set to launch its inaugural currency auction with two dozen ultra-rare
bank notes from the Huntoon Collection.

Two dozen rare bank notes from the
celebrated collection of renowned
researcher and collector, Peter W.
Huntoon, are among the more than
500 notes that are now being offered
in the Inaugural Teletrade® Certified
Currency Auction, Sunday, September
10, 2006.

"This is a spectacular way to launch
our currency auctions. Peter Huntoon
is one of the country's most respected
and distinguished bank note
researchers, authors and collectors,"
said Ian Russell, Teletrade®

President. Huntoon hosted an educational seminar on National Bank Notes at the
PCDAshow in November, 2005, sponsored by PMG.

The Huntoon Collection National Bank Notes in the auction include a First
National Bank of Prescott, Arizona 1929 $10, Type One (Fr. 1801), with serial
number C000001A, graded PMG Choice CU-64, and a unique Utah Territory,
original proof $5 First National Bank of Utah at Salt Lake City note (Fr. 399),
graded PMG Choice-63.

"Only 11 banks issued small-size notes, and serial number one notes from
Arizona are few and far between in any grade. This $10 note is a true rarity from a
state that many National Bank Note collectors actively seek," said Russell.

"The Salt Lake City Territory bank was chartered in 1869 and went into
receivership by the Desert National Bank in 1874. Although $681 in notes remain
outstanding from the Salt Lake City Territory issues, the proof $5 is the only
known surviving example. This is probably the only opportunity for a collector to
obtain an issue from this bank."

Glen Jorde, Grading Finalizer at PMG, comments: "This is the first Proof Territorial
National Bank Note that PMG has certified, and it's all the more special that it has
garnered the Exceptional Paper Quality designation. It's just one of the
spectacular highlights of the Huntoon collection."

Between 20,000 and 30,000 certified coins are offered each month in Teletrade®
auctions. Regularly scheduled auctions of certified currency will begin with the
sale closing on Sunday, September 10, 2006.

"We will have a wide variety of over 500 consigned notes in this exciting inaugural
auction, as well as 26 prized notes from Peter Huntoon's personal collection," said
Russell.

For additional information, contact Teletrade® at (800) 949-2646 or online at
www.teletrade.com. More information about PMG is available online at
www.PMGnotes.com, or by phone at (877) PMG-5570.

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From the Grading Room: 1922
Saint-Gaudens Double Eagle
MS-62 PL

Posted on 8/1/2006

A look at the first Saint-Gaudens Double Eagle ever to be certified as MS PL.

Sometimes the most ordinary of coin issues can
reveal something extraordinary, and such is the
case with this remarkable Double Eagle. The
Philadelphia Mint coined well over a million
twenty-dollar pieces in 1922, and enough of
these were shipped overseas before the 1933
recall of gold coinage that this date remains
common even in Mint State condition. What click to enlarge

sets this example apart, however, is not its

numeric grade but the amazing finish of the dies from which it was struck.

Fully prooflike pieces of the Saint-Gaudens Double Eagle are all but unknown, the
typical example having a frosty luster throughout or, perhaps, some areas of
satiny smoothness and a few isolated patches of prooflike brilliance. But this
amazing specimen displays bright and reflective surfaces throughout. It is
unusually well struck at the peripheries, with broad and square borders, yet there
are scattered traces of incomplete striking in some of the design elements. This
rules out the possibility of a proof or specimen strike, but there are myriad fine die¬
polishing lines in the swirling pattern typical of fresh dies.

Whatever this coin's story may be, it is the first example of its type to be certified
by NGC as MS PL. That alone makes it memorable.

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1971 Proof Sets: A Treasure
Trove for Collectors and Cherry
Pickers Alike

Posted on 8/1/2006

Jay Turner talks about the buried treasures in a common six-dollar proof set, and
how to find them.

The year is 1971, the Vietnam War is in full
swing, Apollo 14 lands on the moon, and Charles
Manson is sentenced to death by a California
jury. It was a historically significant time in
numismatics as well. The Eisenhower Dollar was
first issued, and the first Kennedy Half Dollar with
no silver content was released, ending the
circulation of silver coinage in America. However,
an often overlooked and undervalued treasure of
the time is the 1971 Proof Set.

In the late 1960s, there was a lull in coin
collecting, but the 1970s brought renewed

. . ..... , Click to enlarge

interest in the hobby. Despite this renewed

interest, mint products, including 1971 Proof Sets, were not popular with
collectors. Often, mint products would immediately lose value when purchased.
The 1971 Proof Set originally sold for $5 and, even today, after 35 years of
inflation, the current market value is only about $6. This makes it a very affordable
and collectable numismatic item. However, many people don't know that the set
may include coins that are extremely scarce and bring hefty prices on the market.

Sometimes it is what's not there that makes a coin special. Discovered in a proof
set in December 1971, a Proof Jefferson Nickel was found without a mintmark. It
was not the first time the mint neglected to include a mintmark on a coin that

* 1971

Click to enlarge

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should bear one, yet this discovery was major and popular. The mint confirmed
the piece as authentic and estimated that about 1,655 out of the 3,220,733 nickels
minted did not have the mint mark. The piece quickly escalated in value and today
the coin can bring $1,000 to $4,500 depending on the grade.

There are other varieties beside the Proof No S nickel that
may be found in the 1971 Proof Set. The cent boasts three
very visible, strongly doubled die varieties. Die 1, listed as
FS-032 by the Cherry pickers' Guide, exhibits strong
doubling on LIBERTY and the Date but shows little
doubling on IN GOD WE TRUST. The coin also exhibits a
minor repunched mintmark. Die 2, listed as FS-033, shows
very similar but stronger doubling on LIBERTY and IN GOD
WE TRUST and very minor doubling on the date. The FS-
enck to enlarge 032 and FS-033 varieties can bring $500 or more

depending on condition. FS-033.1 is minor in comparison
but still sought by many collectors. It exhibits doubling on LIBERTY and IN GOD.
The FS-033.1 may bring over $200. Also known to exist is a Half Dollar variety,
FS-014.5, which exhibits a strong Doubled Die Obverse. Dramatic doubling can
be seen on TRUST, as well as other areas, and can bring over $200.

Another treasure of the 1971 Proof Set is cameo coinage. Cameo and Ultra
Cameo are designations that refer to the amount of frost on the relief of the coin.
This Cameo frost was not intentional but more of a byproduct of fresh dies. Often
the cameo wore off after a number of strikes and, until the die was taken out of
production, it would strike coins with a brilliant appearance. Some collectors have
always treasured these cameo coins, but it wasn't until NGC became the first
grading service to recognize the designation that they became more widely
collected, verified and market-acceptable.

Coins dated prior to 1977 often didn't come Cameo
or Ultra Cameo. This is especially true of coinage
click to enlarge dated 1971 and earlier due to design, strike,

production numbers and other factors. Accordingly,
Ultra Cameo coins from 1971 are highly prized by collectors. To date, NGC has
only graded seven 1971-S Half Dollars PF-69 Ultra Cameo and these coins can
bring up to $1500. Only four 1971-S Quarters have graded PF-69 Ultra Cameo
and can bring $900 to $1700. 13 1971-S Dimes have been graded PF-69 Ultra
Cameo and bring about $200. There are 17 1971-S Nickels graded PF-69 Ultra
Cameo and bring between $400 and $500. The 1971-S Cent, with only seven
graded PF-69 Ultra Cameo, brings over $1000.

While the $6 1971 Proof Set may be considered an insignificant piece by many
numismatists, for others it can be an opportunity to cherry pick a rare variety,
cameo, or condition census coin that is the highlight of many collections. While
finding such pieces are very rare, opportunities exists for those willing to take the
time to look.

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Some Thoughts On Standing
Liberty Quarter Dollars

Posted on 8/1/2006

David Lange discusses the quirks, rewards and rarities of collecting the under-
appreciated Standing Liberty Quarter series.

The Standing Liberty Quarter series is a favorite of
mine, and I've written about it a number of times in
this column. While previous studies centered
around a particular theme, such as the nuances of
grading this coin type or an examination of who
really created the revised Type 2 quarter, this
installment will consist of some random
observations that did not fit neatly into the other
columns.

This coin type has always stood out as special to
me, perhaps because it was so elusive in my early
days of collecting. When I discovered the hobby
40 years ago, I could still find collectable examples of this series' contemporaries,
coins such as Buffalo nickels, Mercury dimes and Walking Liberty half dollars. The
dimes were common, the halves a little less so. Most of the nickels were dateless,
but I did find some early ones that still had barely discernible dates, as well as a
few later pieces with fully readable dates. When it came to Standing Liberty
quarters, however, all were dateless by then, as collectors had long since
squirreled away those having readable dates. It seemed that this coin type,
though of the same vintage as the others mentioned, was somehow always
beyond my reach. That ended with my discovery of coin shops a few years later,
but the Standing Liberty quarter still retains an aura of mystery to me.

Cut short after just fifteen years of production, this series has been neatly divided
into two periods by collectors. The issues coined through 1924 became dateless

within as little as ten years of circulation, a fact confirmed by contemporary
accounts in numismatic publications. Not until the Mint placed its date within a
protective exergue, beginning in 1925, did coins of this type stand a fighting
chance of retaining their identity. Even then, these coins wore unevenly and
became very unattractive below the grade of Fine.

This fact, combined with very high prices for the low-mintage 1916 quarter and the
1918/7-S overdate variety in all grades, has inhibited the overall popularity of this
series with collectors. The cost barrier to completing a set has had a dampening
effect on the values of the other issues within it, which I believe to be too low
relative to their availability.

Collectors who can afford to assemble this series in Mint State condition will find
that examples are not significantly different in rarity from the dimes and halves of
the same period, and prices are probably in line with actual availability. This is
certainly not true, however, for those attempting to put together a nice set in
circulated grades. While most of the 1925-30 quarters are available in all
circulated grades, the prices for nice examples seem lower than they would be if
there were as many collectors for this series as there are for contemporary dimes
and halves.

The difference in availability between the later coins, with their protected dates,
and the earlier issues is vastly under appreciated by anyone who has not
attempted to complete a set in the higher circulated grades. In my own collecting
of Standing Liberty quarters, I will not buy a coin that does not have all four
numerals of the date visible, and this requirement excludes most of the surviving
examples. Even coins that are just lightly worn may show weak or partial dates,
as this feature did not strike up well. A further requirement of mine is that all coins
I acquire must be free of damage and have original surfaces; that is to say, they
must not have been cleaned. Attempting to assemble a full set of problem-free
coins that have original surfaces and matching color is difficult for any series in
circulated grades, but the Standing Liberty quarter is clearly the most challenging
20th century series under such terms.

There are several hidden rarities within the earlier, pre-1925 dates. Coins that are
especially elusive with original surfaces and lacking any sort of damage include
1917-S Type 2, 1919 (all mints), 1920-D, 1921, 1923-S and 1924-S. It may
surprise some readers that the 1919(P) quarter is included in this list, with a
mintage of more than 11 million pieces, but the Philadelphia Mint coins weren't
hoarded from circulation the way that "D" and "S" Mint coins were. Just try finding
one that hasn't been cleaned in some way. The low-mintage 1923-S quarter dollar
is nearly impossible to find in circulated grades having problem-free, original

surfaces. In fact, I've yet to see one that is pleasing to my eye, although I've
encountered a number of lovely Mint State examples over the years.

As with the cents, dimes and half dollars struck at San Francisco in 1928, the
1928-S quarter dollar may be found with two distinctive mintmarks. The normal
Small S of 1917-30 is noticeably more common than the Large S unique to this
year, though the difference in rarity is perhaps not enough to command a premium
price. I've found that many collectors can't distinguish between the two, though
the differences are fairly evident once one has become familiar with them.

David W. Lange's column USA Coin Album appears monthly in Numismatist, the
official publication of the American Numismatic Association

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ANA Offers Awesome Potential

Posted by NumisMedia on 8/1/2006

Find out how the summer doldrums have affected the collecting market, and how
this year's World's Fair of Money Convention is poised to turn things around.

With the prospects of the ANA World's Fair of Money Convention this month, the
nation's most active dealers and serious collectors will be ready for an
extravaganza. There are major auctions just before and during the show and, if
you are looking for any kind of coin, this is the time and place to find it. The
market should be back to a breakneck pace as the summer slowdown comes to
an end. With the metals appearing to be stronger overall, the opportunities for
rising FMV prices look endless. The Denver area is a great place for numismatics
and is not that far away from the home of the ANA in Colorado Springs. This
should be a show to remember.

Most dealers have monumental needs for their customers and the ANA
Convention should provide dealers with many of their want-listed coins. There is
plenty of money ready to be spent for the "right" coins and nearly every series has
some degree of popularity. The degree of popularity depends on the FMV for
every coin in relation to the number of coins available within a grade range. The
census reports help numismatists immensely in gathering information pertaining
to potential availability. It is all about percentages and we are finding more
collectors doing research in their area of expertise. In fact, we are finding more
collectors becoming as expert in their fields as the specialized dealers.

Now that the summer months are waning, dealers are once again concentrating
on the coin business. The recent lethargic market was a result of too many major
players (dealers and collectors) taking time off from the rituals of a grinding
market. With so many numismatists out of the market, it makes sense that some
series could and did suffer as a result. Areas that had market momentum ($5 and
$10 Gold Indians for example) before the summer began, have drifted aimlessly
the past six weeks. Of course, we are referring to generic dates. However, even
some of the better dates have fallen as the higher prices actually brought some

coins into the market and temporarily satisfied the current demand. Now we are
seeing some of these more common dates being offered in the wholesale arena
on a daily basis.

The FMV for the common date $5 Indian has dropped from $4,470 in MS63 in
June to the current $3,310. In MS 64, it was $6,250 versus today's $4,500.
Granted, most of the coins available are the most common, the 1909 D, but some
of the P Mint issues have also dropped as a result of the market losing energy. On
the positive side, we have seen several of the key dates move higher as serious
collectors try to locate specific dates to complete their collections. Of course, the
1909 O being the most valuable issue of this series and relatively not available
above MS 63, we have seen a major push to draw coins out of hiding over the
past two months. The MS 64 has moved from $129,380 to the current $143,750.
More impressive is the MS 65 which has seen the FMV more than double as a
couple of major dealers are consistently trying to outbid each other for a coin for
their customer. The June FMV was $237,500 and today it is $487,500. Wow, if
you only had a couple of these in your portfolio!

The $10 Indian series has suffered from the same malaise of the past few weeks.
Indifference has decelerated its momentum and we have seen the common dates
fall to recent lows. Although, the $10 Indian had not moved up at the same pace
as the $5 Indian. In June, the MS 63 $10 Indian had an FMV of $2,250 while
today it is showing $2,160. The MS 64 fell from $3,240 to $2,940. In this series,
the dates most often offered at discounts are typically 1926 and 1932.

As a collector, you have to determine if these are a legitimate downturn in the
marketplace with supplies more than enough to satisfy current demand or, as we
suggest, just indifference to the overall market during the summer months. If it is
indifference, then today's levels will present good buying opportunities for the
future. If supplies continue to be available in the wholesale market, then prices will
remain tenuous. If the market does turn around and start to head back up, this will
be a good time to look for the common dates at current levels that will have a little
more premium to them when the market is stronger. Lower census coins, or extra
eye appeal, are always good requisites to follow when purchasing coins.

A couple of areas that have held strong through the summer are gold-related as
well. The early issues of the $5 and $10 coins remain very active at higher FMV
levels. Some market makers continue to raise their buy prices in an effort to corral
any of the available coins in VF to Mint State grades. The coins must be
accurately graded and cannot have any negative eye appeal. One of the reasons
many of these coins are moving higher is that it is difficult to find coins with these
requirements. There are no more than a handful of coins available across all the

grades and the owners of these available coins will want substantially more than
the money being offered. Each time the buyers move their prices higher, the
potential sellers do the same thing. We are speaking about very rare coins with
low original mintages, low survival rates, and low census accountability. Most of
these coins are in the strong hands of collectors that do not have a need to sell or
the inclination to take profits at this time. When these coins do become available,
usually in one of the major auctions, there is very aggressive competition for
them. Simply take a look at the upcoming auctions and see for yourself.

A comparison of FMV prices from June of this year shows how this market has
risen consistently for these early issues. The $5 Small Eagle Bust Right has
increased from $34,380 in AU 50 to $38,130 today; in MS 60, the FMV has
jumped from $56,880 to $62,500. The higher grades seem to advance in more
dramatic fashion. In MS 63, the FMV was $142,500 and now it is up to $165,630.
In some cases, when these higher grade coins do come on the market in a major
auction, the competition becomes so fierce that the listed prices seldom resemble
the final price realized. At least this helps us to establish the FMV for the particular
issue.

The early $10s are finding higher FMV prices nearly as potent. The AU 50 $10
Capped Bust was listed at $49,810 in June and now it has an FMV of $54,380. In
MS 60, it moved from $91,880 to the current FMV of $93,130. In MS 63, the June
price was $240,500 and now it is a sizzling $251,550. We don't know where the
overall market is headed, but with the current economic atmosphere aligned with
all the dealers and collectors participating in numismatics, it is an easy hypothesis
that we are still headed to a higher overall coin market.

This article is a guest article written by:

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misMedia

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The thoughts and opinions in the piece are those of their author and are not
necessarily the thoughts of the Certified Collectibles Group.

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NGC Grading On-site at Long
Beach

Posted on 8/1/2006

NGC will be offering on-site grading at Long Beach, September 13-14.

NGC will offer On-site Grading and Encapsulating at The Long Beach Show in
Long Beach, California, Wednesday and Thursday, September 13-14. In addition
to the $100 and $65 On-site show services normally offered, NGC will also run a
$50 On-site Gold Special. NGC will be at tables 458-557.

Please read below for complete details:

$100 On-site Special:

$100 per coin for all coins over $1500 in value

$65 On-site Special:

$65 per coin for all coins valued at $1500 or less

$50 On-site Gold Special:

$50 per coin for all Gold coins valued at $1500 or less; 5 coin minimum

Guaranteed delivery (within four hours of submission at shows) may be
purchased for $150 per coin under NGC's Expedite Service.

Please check with NGC show representatives for daily cut-off times.

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